By otakuyassine3@gmail.com 
Robert W. Baird restated their neutral rating on shares of Rivian Automotive (NASDAQ:RIVN – Free Report) in a report published on Wednesday, Marketbeat reports. Robert W. Baird currently has a $16.00 price target on the electric vehicle automaker’s stock, down from their previous price target of $18.00.
Several other research firms also recently weighed in on RIVN. Wolfe Research initiated coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Barclays lowered their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Mizuho cut their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.74.
Check Out Our Latest Stock Report on RIVN
Rivian Automotive Price Performance
Rivian Automotive stock opened at $13.06 on Wednesday. The business’s 50 day simple moving average is $11.26 and its 200 day simple moving average is $12.74. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a market cap of $13.33 billion, a price-to-earnings ratio of -2.33 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.
Insider Activity at Rivian Automotive
In other news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 267,904 shares of company stock valued at $3,291,004. Corporate insiders own 2.51% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its stake in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. Blue Trust Inc. raised its holdings in Rivian Automotive by 39.0% during the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after buying an additional 907 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Rivian Automotive by 2.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,585,592 shares of the electric vehicle automaker’s stock valued at $21,279,000 after buying an additional 33,276 shares during the period. Raymond James & Associates grew its holdings in Rivian Automotive by 11.1% in the 2nd quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock worth $2,050,000 after acquiring an additional 15,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Rivian Automotive by 462.7% in the second quarter. Nisa Investment Advisors LLC now owns 185,700 shares of the electric vehicle automaker’s stock valued at $2,492,000 after acquiring an additional 152,700 shares during the period. 66.25% of the stock is currently owned by institutional investors.
About Rivian Automotive
Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.
Further Reading
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